Rule 86B in Goods and Services Tax (GST) has been introduced by The Central Board of Indirect Taxes and Customs which restricts use of input tax credit for discharging liability to 99%. This Rule is effective from 01st January, 2021. It put the restriction on utilization of input tax credit. After the introduction of Rule 86B, it has limited the use…
Who are Non-executive Director and Independent Director? Let us first understand the term Non-executive Director and Independent Director. Non-executive Director- A Non-executive director is the one who doesn’t participate in day to day functioning of the company but is involved in policy making and planning process. Though he is a part of the management but…
Life is unpredictable and full of uncertainties and no one knows when something unfortunate happens. Such unpredictable circumstances also bring with it several legal and financial issues that one has to face in case there is no insurance policy. People prefer to have different types of insurance policies be it health, home, vehicle, business, personal…
Notices from the tax department induce anxiety in the mind of taxpayers. Here the article is with some of the reasons for receiving such notices, precautions to avoid such cases and the procedure that has to be followed when any notice from the GST department is received by any taxpayer regarding payment of any Penalty,…
The demand for content creators and bloggers is on the rise with the growth of social media demand. Blogging profession is popular among the young generation not only due to the platform it offers for self-expression but also because it is very fruitful. The income earned by a blogger is subject to tax provisions under…
Income Tax Returns are required to be filed by every individual, company, LLP, NGOs’ , partnerships firms subject to their tax exemption limit. The due date for filing income tax returns is different for every kind of taxpayer. If the taxpayers fails to file their return beyond such due date will have to bear interest…
Importer Exporter Code (IEC) is a 10 digit code which is mandatory for export from India or Import to India. It is a key business identification number without which no export or import shall be made by any person unless specifically exempted. When government introduced Digital India, DGFT has bought various initiatives to simplify the…
Dividend Received from Indian Company: A company which has made arrangements for the declaration and payment of dividends (including dividends on preference shares) within India, shall, before making any payment by any mode in respect of any dividend or before making any payment to a shareholder, shall deduct tax from the amount of such dividend,…
In the era of digitalisation, many customers are shifting from retail market to online Platforms like Flipkart, Amazon, Snapdeal , Myntra, Zomato, medlife, Pharmeasy etc for their requirements and availing the services at their doorstep. Market is Customer centered, so the businessmen are also shifting from retail market to online platforms. And after shifting to…
Recent scenario is worse and even getting more worse by each passing day. It is important for the businesses to stay compliant and fulfilling all the compliances related to business during the year. Considering statutory compliance and Tax compliance, every month is significant. Due dates related to ROC filing, GST return filings and Income Tax…